£500,000 funding on offer for digital entrepreneurs

The Tech for Good Challenge initiative is a partnership between Big Issue Invest, the social investment arm of the homeless charity, and Nominet Trust, with support from several corporate partners including LDC.

Other supporters include Bank of America Merrill Lynch, MITIE, Salesforce Foundation and Unity Trust Bank. It is also supported by The Big Lottery.

The challenge, which is now open for entrants, aims to identify England’s most innovative early-stage ventures, whose imaginative use of digital technology is expected to have a profound impact on young people.

Up to 20 teams will be selected for an intensive mentoring programme, with 10 finalists chosen to receive investment of up to £50,000, as well as ongoing support.

John Garner – one of the region’s most active private equity investors – said he hoped local entrepreneurs from across the region would step forward and seize the opportunity to develop their businesses.

He said: “Yorkshire has a well-deserved reputation as a hotbed of digital innovation and technology expertise.

“This is a perfect opportunity to secure not only funding through the challenge, but also to access a pool of business expertise to help fuel the growth of their enterprises.

“We’re keen to see the region flex its creative muscle and play a big role in this, as well as playing a part ourselves in mentoring those businesses that can make a really positive social impact.”

Nigel Kershaw OBE, chief executive of Big Issue Invest, said: “Everywhere you look, people’s lives are being transformed by technology.

“We’re setting out to find 10 enterprises that are using technology to positively transform the lives of young people. It’s not just about providing these ventures with money. It’s about our corporate partners providing their resources, expertise and market knowledge too.

“By ensuring they are truly engaged with the ventures in which they are investing, we redefine the idea of corporate social responsibility. Our ultimate aim is to create an environment that makes it easier for young people to change their lives.”

Annika Small, the chief executive, Nominet Trust, said: “We urgently need radically new approaches to overcome the challenges facing young people today. Although there are several key initiatives supporting start-ups that use technology for social good, there is currently a lack of financing available to those in their growth phase. In the Tech for Good Challenge, NominetTrust is backing enterprises with a proven concept and the potential to create opportunities for millions of young people.”

The Tech for Good Challenge is the first in a series of initiatives from The Big Issue Invest as part of its Corporate Social Venture Challenge. The programme is designed to provide a sustainable flow of investment capital and enterprise support to ventures delivering social value.

Early-stage ventures that fit the criteria are invited to submit information via a form on the Big Issue Invest website at http://bigissueinvest-csv.com/. Applications close on April 15.

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